AUD/USD Price Analysis: Bears approach 0.7270 short-term key support

AUD/USD remains pressured around intraday low after printing the first negative weekly closing in six.
Clear downside break of fortnight-long rising trend line joins bearish MACD signals to favor sellers.
100-SMA, 50% Fibonacci retracement level limits immediate downside.
Weekly resistance line holds the gate for bull’s welcome.

Anil Panchal FXStreet

AUD/USD sellers keep reins around 0.7275 during Monday’s Asian session, following the first negative weekly closing in six.

In doing so, the Aussie pair justifies Friday’s downside break of a two-week-long rising trend line amid bearish MACD signals.

However, a convergence of the 100-SMA and 50% Fibonacci retracement (Fibo.) of the pair’s late February to early March moves offer a tough nut to crack for the AUD/USD sellers around 0.7270.

Should the quote drops below 0.7270, the quote may drop further towards 0.7245 and 61.8% Fibo. level near 0.7225 before targeting the 200-SMA, around 0.7195 by the press time.

Alternatively, the support-turned-resistance line close to 0.7310 challenges the AUD/USD pair’s intraday buyers ahead of the 50-SMA, around 0.7325 at the latest.

Following that, a downward sloping trend line from March 07, near 0.7340, will be crucial for the buyer’s dominance.

AUD/USD: Four-hour chart

Trend: Corrective pullback expected

Additional important levels

Overview
Today last price	0.7276
Today Daily Change	-0.0009
Today Daily Change %	-0.12%
Today daily open	0.7285

Trends
Daily SMA20	0.7248
Daily SMA50	0.7197
Daily SMA100	0.7228
Daily SMA200	0.7314

Levels
Previous Daily High	0.7368
Previous Daily Low	0.7282
Previous Weekly High	0.7441
Previous Weekly Low	0.7244
Previous Monthly High	0.7286
Previous Monthly Low	0.7032
Daily Fibonacci 38.2%	0.7315
Daily Fibonacci 61.8%	0.7335
Daily Pivot Point S1	0.7255
Daily Pivot Point S2	0.7225
Daily Pivot Point S3	0.7169
Daily Pivot Point R1	0.7342
Daily Pivot Point R2	0.7398
Daily Pivot Point R3	0.7428

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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